UAE export growth to slow in 2009 - chief executive

EXPORT SLOWS: UAE is expected to see a drop off in export growth, according to CEO of the Export Development Corporation. (Getty Images)

UAE export growth is expected to slow in 2009 as demand falls inline with the global economic crisis, the chief executive of Dubai Export Development Corporation (EDC) said on Sunday.

The value of UAE exports rose by nearly 58 percent to 42.6 billion dirhams ($11.6 billion) in 2008, from 27 billion dirhams the year before.

The boom has been bolstered by strong demand in its biggest markets of India, Pakistan, Iran, Saudi Arabia, and Kuwait, said Saed Al Awadi, chief executive officer of EDC, a state-owned organisation set-up to increase exports.

However, he predicted the value of exports to grow by just a single digit percentage in 2009.

“In 2009 we expect that there will be continued growth but by how much we cannot be accurate,” he said on the sidelines of a press conference.  

“Exports will be affected all around the world, that’s why we are working very hard at EDC to find out how we can abate that and continue increasing exports with less affect from the global financial crisis.”

Gold jewellry remained the biggest export of the UAE, followed by base metals like aluminium, he added.

Non-oil sector exports from Jebel Ali Free Zone (JAFZA) increased by 40 percent between January and September 2008, compared to the same period in 2007, said Ibrahim Al Janahi, senior vice president of JAFZA.

EDC launched a new directory on Sunday, listing information on commodities in the UAE and 9,000 businesses, designed to provide international buyers with easy access to information on industries within the country.

Al Awadi said the resource would help strengthen the UAE’s export industry, which is one of the ways the government aims to reduce its reliance on income from oil revenues.

Known as the UAE Exports and Industrial Directory, the resource will include a product section classified in accordance with the Harmonised System Code, an internationally recognised code for classifying goods for trade.

The resource, which will be regularly updated and will be available online in English and Arabic at http://www.uaeexportdirectory.ae/

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READERS' COMMENTS

UAE Growth
Posted by Garrett McCarthy, Wilbraham, Massachusetts, United States on Wednesday 11 February 2009 at 06:09 UAE time


The UAE will become a world symbol of economic stewardship if it can forge ahead with development pans while instilling a measure of pragmatism. The slowdown in the west should be heeded as a sign of what happens when economies heat up too quickly and the rules of business engagement are allowed to be loosened for short term gain. As an international artist, careful business planning must include long term goals that are the underlying principals to ensure survival. This quieting down time in the states means I must shift focus from commission work to private art production here at my studio - increasing inventory for when the art markets pick up again. UAE Developers will no doubt continue with construction projects but with a closer eye on keeping costs from spiraling.

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